by Andrew Powell
The Florida Lottery has become a crucial part of funding for education in the Sunshine State, and according to a recent report from the Florida Auditor General, it continues to grow each year.
In late January, the AG released the financial audit of the Florida Lottery, whose mission is to maximize financial revenue for the benefit of education “in a manner consistent with the dignity of the State of Florida and the welfare of its citizens.”
The lottery offers a full range of scratch-off and draw products, and has for the 34th consecutive fiscal year, sustained ticket sales in excess of $2 billion, with the last 11 years exceeding $5 billion. Over that 34-year period, a minimum of $800 million has been transferred to the Educational Enhancement Trust Fund, with FY 2023 exceeding $1 billion for the 21st consecutive year, according to the report.
In FY 2023, there was approximately $2.45 billion transferred to the EETF, compared to the previous fiscal year where $2.33 billion was transferred, reflecting a ticket sales increase of 5.12% over the prior year, collecting approximately $9.80 billion compared to $9.32 billion the previous year.
Around 71.86% of total sales came from the lotteries’ scratch-off products, which increased 0.26% from the previous year. Prize expenses increased by 4.97% or $310.25 million during 2023, also reflected by an increase in ticket sales.
According to the report’s financial analysis of the Florida Lottery’s assets, at the end of FY 2023, total assets increased by $154.98 million from $665.43 million in June 2022 to $820.41 million by June 30, 2023, which were primarily related to an increase of investments from the state treasury.
Total liabilities on June 30, 2023 were $768.47 million, around $151.79 million higher than total liabilities from the previous year which were $616.68 million. The increase in liabilities can be attributed to the increase of $84.84 million to prizewinners and $70.91 million for amounts due to the EETF.
Between June 2022 and June 2023, noncurrent liabilities decreased by $4.25 million, attributed to a decrease of $11.85 million for grand prizes paid to winners and an increase of $13.72 million in pension liability. Since the lottery’s inception, total transfers to the EETF have reached over $44 billion.
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Andrew Powell is a contributor to The Center Square.Â
